SBS Jeopardy

Plan Maintenance/SBOL

100

This intelledox interview can be used to update plan roles and plan info

Open or update a small business account

or

Add or remove access to a small business account

200

The path on SBOL to find if a plan admin/authorized individual has small business online access

Plan administration > Plan Role Administration > (click clients name) > Small Business Online Access (Yes or No)

300

The two ways a plan admin or authorized individual can add a plan contact

On SBOL by clicking add or change plan roles

Through Open or update small business account intelledox

400

These conditions must be met in order to cancel a pending EBT trade in SBOL

• The employer has called on the same day the error was made.
• The employer made one of the following errors:
  -entered wrong tax year
  -entered wrong contribution type (EE vs. ER), or
  -entered wrong dollar amount
• The purchase is re-submitted the same day with the correct instructions. Once the contribution instructions on SB Online are cancelled by a team leader, the team leader must verify that the employer has re-submitted the contribution.

500

If a plan role who has authority to update bank info on SBOL encounters an error when doing so, this is the likely cause 

Locked security questions

I401k

100

Maximum combined contribution amount for a 55 year old for tax year 2024

$76,500

200

The type of employer contribution that secure 2.0 made allowable, but at this time Vanguard does not offer in its plan

Roth employer contributions

300

The online process a client must use to take a distribution from their I401k account

Remove Money From Your Retirement or Nonretirement Account intelledox

400

This is the form and requirement we need if an I401k participant wishes to designate someone other than their spouse as the beneficiary

Individual 401(k) Beneficiary Designation Form.

Must be signed by spouse and notarized

500

When we send out the 5500 report and the deadline for filing it

We send in mid-April

Deadline to file is the end of the 7th month following their plan year (July 31st if calendar year plan)

SIMPLE

100

The early withdrawal penalty for a participant under 59.5 who does not meet 2 years in the plan

25%

200

The two options a plan can have for how the plan calculates contributions to the account (Their choice affects the maximum contribution amounts

Employer Matching Contributions 

Employer Non-Elective Contributions

300

Common reasons a participant will show as ineligible

Participant has restrictions

Fund allocations do not equal 100%

Ineligible fund choice

400

The way a client can move traditional IRA assets into a SIMPLE IRA internally if they meet the 2 year holding period requirement

An LOI from the client with:

Statement that its a transfer

Delivering and receiving account numbers

Ticker and amount of each holding to be moved

Signature of the account owner

500

The account service fee per fund for SIMPLEs and the requirement to avoid the fee

$25 per fund

$50k in VQA

SEP

100

Sep multi accounts cannot be on this account platform

Brokerage (VBA)

200

The maximum ER contribution for 2024

$69,000

300

Deadline for ER and individual contributions to this account

ER - business tax filing deadline plus extensions

Individual - The individuals tax filing deadline without extensions (Generally April 15th)

400

How SEP multis make ER contributions online

How SEP singles make ER contributions online

On SBOL

On Vanguard.com

500

Rather than 25% of eligible compensation, self-employed individuals are limited to this percentage of net self-employed income for their maximum contribution

20%

VRIP

100

What is the plan role with the authority to perform all transactions on a VRIP

The Trustee

200

This person or organization creates tax forms for VRIP accounts

The client or their third party administrator

300

The intelledox interview used to roll money out of a VRIP into an IRA

Remove Money From Your Retirement or Nonretirement Account

400

What is the ASF and way to avoid the ASF for VRIPs

VRIPs are not subject to the ASF

500

This should be used to determine security requirements for cross registration exchanges in VRIPs and other SBS accounts

Mixed exchange article

(Small Business Retirement Plans Unlike Exchange Matrix)